Philip Falcone’s hedge fund says its mobile-broadband start-up, LightSquared Inc., has signed a 15-year agreement with Sprint Nextel Corp. to jointly build and operate a planned new wireless network.
The deal, disclosed in a letter to investors in Mr. Falcone’s Harbinger Capital Partners hedge funds, reflects progress on the business side of an ambitious plan that still faces significant regulatory and technological hurdles, including complaints from the Defense Department and others that it would interfere with global positioning system devices.
